Shopping Tamboré has been synonymous of success. Since its inauguration in 1992 with 9,707 m², its GLA went through six expansions. The seventh expansion of the mall increased its total GLA in 47.9%, totaling 46,775 m².
The Mall is located in Barueri, São Paulo. The proximity to the Rodoanel facilitates access to other locations, including the greater São Paulo, and allows the mall to attract consumers from other cities such as Santana do Paraíba, Carapicuíba, Osasco, São Roque, among others.
Highlights of Shopping Tamboré and city of Barueri:
- Surrounding area covering one million consumers, of which 71% belong to class A and B;
- More than a thousand national and multinational companies are located in the malls primary area;
- Population growth rate of 4.2% per year and a population density of 3,821 inhabitants per km²;
- The region receives 170 thousand commuters/day;
- Estimated spending power of more than R$2.4 billions per year;
- 100% of GLA occupied since November 2008 and 100% of expansion´s GLA leased.
Since BRMALLS acquired Shopping Tamboré in May 2007, many improvements were made such as charging for parking, elimination of vacancy, effective auditing and collection of net late payments. The NOI and sales/m² had an impressive growth since the acquisition made in May 2007, with 214.2% and 55.3%, respectively.
Shopping Tamboré expansion, which was 100% developed and leased by BRMALLS was launched in October 2009 and was completed as scheduled in April 2011. The total capex was R$124.0 million, including the deck parking, which was built earlier than expected in November 2010, and full revitalization of the mall (corridors, food courting, and parking) completed this month. The project opens with 98.5% of leased GLA, or 100% if we include contracts signed, a number higher than our premise of 94.3% occupancy rate. Besides it, 80% of total GLA was opened at inauguration.
The new expansion, which brings an innovative mix for the city, has three anchors, 3 megastores and 68 satellites. Besides the nationally exclusive Memove, Riachuelo and Renner are also present at the mall. Among the megastores are Saraiva, Camicado and Siberian. In the satellite stores are presented names as Enjoy, Gregory, M, HBF, Starbucks, Crawford, Santa Lolla, Folic, Emporionaka, and Tip Top. To attend the heated demand for more restaurants due to the two hotels and many offices around the mall, the restaurant mix has five new operations, Bangalo, Braugarten, Cachaçaria Água Doce, La Table and Si Senhor.
We expect the expansion to generate about R$20.4 million stabilized NOI for BRMALLS, making Tamboré increasingly important in our portfolio. The internal rate of return on the project, real and unleveraged, reached 16.8%. The stabilized cash on cash return was estimated at 18.5%. With the expansion, the stabilized NOI should be greater than R$60.0 million.
The inauguration will add 15.1 thousand m² to our owned and total GLA, totaling 634.3 thousand m² and 1,219.2 thousand m², respectively.